Shares in Vodafone Idea tumbled as much as 17% in trade on Thursday (July 16, 2020) after reports suggested that the beleaguered telecom company is in for a long battle on the premium plans issue as Jio has appealed to the tribunal to hear its side before passing any verdict.
The tribunal is due to hear Vodafone's plea later today. There was a view that the Vodafone Idea will be given a relief but now after the intervention of Jio it shall not be an easy course.
On July 11, the TRAI blocked Airtel and Vodafone Idea's premium plans after Jio made a complaintto the regulator claiming premium plans were discriminatory.
This is another setback for Vodafone Idea which is already struggling with AGR case currently underway and now is set for next hearing on July 20.
Jio-Google tie up as well as 5G solutions announcement is another facet weighing on the stock and experts view the market to see a shift to duopoly in the telecom market with Vodafone Idea lagging the bandwidth as well as financial flexibility to strengthen up its 4G infra.
At the close, Vodafone Idea was down at Rs. 7.87 per share on the BSE.